Tag: producer

Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October. International Brent crude oil futures were down 7 cents, or 0.1 percent, at $61.49 per barrel. Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday. Led by Saudi Arabia, OPEC

Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October.

U.S. West Texas Intermediate (WTI) crude futures were at $52.66 per barrel at 0140 GMT, down 23 cents, or 0.4 percent, from their last close.

International Brent crude oil futures were down 7 cents, or 0.1 percent, at $61.49 per barrel.

Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday.

Since early October, crude oil has lost around 30 percent of its value amid surging supply and fears that an economic downturn will erode fuel demand.

The Organisation of the Petroleum Exporting Countries (OPEC) is meeting at its headquarters in Vienna, Austria, on Thursday to decide its production policy.

Led by Saudi Arabia, OPEC’s crude oil production has risen by 4.1 percent since mid-2018, to 33.31 million barrels per day (bpd).

Oil output from the world’s biggest producers – OPEC, Russia and the United States – has increased by a 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 percent of global consumption.

The increase alone is equivalent to the output of major OPEC producer United Arab Emirates.

Russia, a major oil producer but not a member of OPEC, will meet with the producer cartel on Friday to discuss production levels, and it is widely expected that a supply cut will be agreed.

“Markets…believe the production cut deal will be in range of 1-1.3 million bpd,” ANZ bank said on Thursday.

“The biggest challenge is that there’s just so much demand, which is interesting to see,” he added. “It definitely takes six to 12 months for supply and demand to reach some sort of equilibrium.” The pressure is on for Tilray to offer shareholders a reason for optimism as well as justify its steep valuation. Based in Nanaimo, British Columbia, Tilray is the largest of the publicly traded Canadian cannabis companies by market capitalization. Total kilograms sold increased over two-fold to 1,613 k

“All of that revenue for this quarter is medical and we look forward to next quarter, when we’ll start to see some Canadian adult-use revenue in that earnings report,” Kennedy said.

“The biggest challenge is that there’s just so much demand, which is interesting to see,” he added. “It definitely takes six to 12 months for supply and demand to reach some sort of equilibrium.”

The pressure is on for Tilray to offer shareholders a reason for optimism as well as justify its steep valuation.

Tilray’s stock has climbed more than 320 percent over the past three months, making it one of the most speculative names on the Street. Though it posted just $20 million in revenue last year (and is projected to generate just $140 million in 2019), the company has a market cap of about $10.5 billion.

The stock, which trades on the NASDAQ, is down 23 percent over the past month as investors cashed in for profits.

The stock pared some of its losses following those comments and was last down 2 percent in after hours trading.

Based in Nanaimo, British Columbia, Tilray is the largest of the publicly traded Canadian cannabis companies by market capitalization.

The company reported an adjusted loss for last quarter of 8 cents versus an expected 12 cents per share loss, according to the four analysts polled by Refinitiv. Total kilograms sold increased over two-fold to 1,613 kilograms from 684 kilograms in the prior year.

Tilray announced earlier in the third quarter that it had become the first and only company to receive regulatory approval in Canada and Germany to export medical cannabis flower for distribution to German patients.

U.S. wholesale prices rose by the most in six years last month, led higher by more expensive gas, food, and chemicals. The Labor Department said Friday that the producer price index — which measures price increases before they reach the consumer — leapt 0.6 percent in October, after a smaller 0.2 percent rise in September. Producer prices increased 2.9 percent from a year earlier. Excluding the volatile food and energy categories, core wholesale prices rose 0.5 percent in October and 2.6 percent

U.S. wholesale prices rose by the most in six years last month, led higher by more expensive gas, food, and chemicals.

The Labor Department said Friday that the producer price index — which measures price increases before they reach the consumer — leapt 0.6 percent in October, after a smaller 0.2 percent rise in September. Producer prices increased 2.9 percent from a year earlier.

Excluding the volatile food and energy categories, core wholesale prices rose 0.5 percent in October and 2.6 percent from a year earlier.

Despite last month’s increase, the figures suggest inflation pressures are mostly in check. The year-over-year price increase is lower than it was in the summer, when it topped 3 percent. And oil prices declined in October, which will likely to lower gas costs in the coming months.

The Federal Reserve is keeping a close eye on price changes as it monitors the economy for signs of overheating. The unemployment rate is at a five-decade low of 3.7 percent and companies are raising wages and salaries to attract and keep workers. Average hourly pay rose in October from a year earlier at the fastest pace in nearly a decade.

Companies may have to raise prices to offset the costs of higher pay, which could spur higher inflation. But businesses could also invest in more machinery and software to make their employees more efficient, which would enable them to pay more without raising prices.

U.S. producer prices increased 0.2 percent in September, reversing an unexpected decline in August and in line with expectations. A rise in services prices offset a slight drop in prices for goods. In the 12 months through September, the producer price index rose 2.6 percent, slightly less than expected. A key gauge of underlying producer price pressures that excludes food, energy and trade services rose 0.4 percent last month, the largest increase since January. In the 12 months through Septemb

U.S. producer prices increased 0.2 percent in September, reversing an unexpected decline in August and in line with expectations. A rise in services prices offset a slight drop in prices for goods. In the 12 months through September, the producer price index rose 2.6 percent, slightly less than expected. A key gauge of underlying producer price pressures that excludes food, energy and trade services rose 0.4 percent last month, the largest increase since January. In the 12 months through SeptembUS producer prices rebound in September Cached Page below :Company: cnbc, Activity: cnbc, Date: 2018-10-10Keywords: news, cnbc, companies, prices, services, rebound, core, 12, month, producer, price, ppi, rose, months

U.S. producer prices increased 0.2 percent in September, reversing an unexpected decline in August and in line with expectations.

A rise in services prices offset a slight drop in prices for goods. Final demand prices had fallen 0.1 percent in August. In the 12 months through September, the producer price index rose 2.6 percent, slightly less than expected.

Economists polled by Reuters had forecast the PPI increasing 0.2 percent in September and advancing 2.8 percent year-on-year.

A key gauge of underlying producer price pressures that excludes food, energy and trade services rose 0.4 percent last month, the largest increase since January. The so-called core PPI had risen 0.1 percent in August.

In the 12 months through September, the core PPI rose 2.9 percent, the same as the month before.

Coca-Cola is in talks with cannabis producer Aurora Cannabis to make marijuana-infused beverages, Canadian news service BNN Bloomberg reported on Monday. A partnership between Coke and Aurora would mark the first entry of a major manufacturer of non-alcoholic beverages into the market for cannabis-related products. The news comes as more U.S. states move to legalize marijuana for recreational use and as Canada, where Aurora is based, prepares to fully legalize the recreational use of cannabis ne

Coca-Cola is in talks with cannabis producer Aurora Cannabis to make marijuana-infused beverages, Canadian news service BNN Bloomberg reported on Monday.

The companies would likely develop health-focused beverages that will ease inflammation, pain and cramping, the report said, citing sources familiar with the matter.

“Along with many others in the beverage industry, we are closely watching the growth of non-psychoactive CBD as an ingredient in functional wellness beverages around the world,” Coca-Cola said in a statement, referring to cannabidiol, a constituent of cannabis.

“No decisions have been made at this time,” the beverage group said, adding that it would not comment on further speculation.

Aurora, in a separate statement, said it would not discuss business development initiatives until they are finalized, but added: “Aurora has expressed specific interest in the infused beverage space, and we intend to enter that market.”

A partnership between Coke and Aurora would mark the first entry of a major manufacturer of non-alcoholic beverages into the market for cannabis-related products.

The news comes as more U.S. states move to legalize marijuana for recreational use and as Canada, where Aurora is based, prepares to fully legalize the recreational use of cannabis next month.

There is no guarantee that talks between the companies will be successful or that a commercial agreement would be made public, BNN Bloomberg reported.

U.S. producer prices unexpectedly fell in August, recording their first drop in 1-1/2 years, as declines in the prices of food and a range of trade services offset an increase in the cost of energy products. The Labor Department said on Wednesday its producer price index for final demand slipped 0.1 percent last month after being unchanged in July. A key gauge of underlying producer price pressures that excludes food, energy and trade services edged up 0.1 percent last month. Despite the moderat

U.S. producer prices unexpectedly fell in August, recording their first drop in 1-1/2 years, as declines in the prices of food and a range of trade services offset an increase in the cost of energy products. The Labor Department said on Wednesday its producer price index for final demand slipped 0.1 percent last month after being unchanged in July. A key gauge of underlying producer price pressures that excludes food, energy and trade services edged up 0.1 percent last month. Despite the moderatUS producer prices post first drop in 1-1/2 years Cached Page below :Company: cnbc, Activity: cnbc, Date: 2018-09-12Keywords: news, cnbc, companies, ppi, month, prices, rising, post, services, 112, trade, price, range, drop, producer, pressures

U.S. producer prices unexpectedly fell in August, recording their first drop in 1-1/2 years, as declines in the prices of food and a range of trade services offset an increase in the cost of energy products.

The Labor Department said on Wednesday its producer price index for final demand slipped 0.1 percent last month after being unchanged in July. August’s fall in the PPI was the first since February 2017.

In the 12 months through August, the PPI rose 2.8 percent, slowing further after July’s 3.3 percent increase.

Economists polled by Reuters had forecast the PPI increasing 0.2 percent in August and advancing 3.2 percent year-on-year.

In the 12 months through August, the core PPI increased 2.9 percent after rising 2.8 percent in July.

Despite the moderation in producer prices last month, overall inflation is steadily rising against the backdrop of a strong labor market and robust economy. The Trump administration’s import tariffs on lumber, washing machines, solar panels, steel and aluminum, as well as a range of Chinese goods, are also expected to push up price pressures.

Oil prices are unlikely to break out of the mid-$70 level, Oman’s oil and gas minister told CNBC Monday, adding that he thought prices were currently “fair.” Asked whether he agreed with analyst expectations that oil prices could rise to $90 a barrel, he answered, “I don’t think so.” Oman is the largest non-OPEC producer in the Middle East and it was severely affected by the oil price slump that took hold in 2015. The agreement continues and has worked to stabilize markets, with prices currently

Oil prices are unlikely to break out of the mid-$70 level, Oman’s oil and gas minister told CNBC Monday, adding that he thought prices were currently “fair.”

“I think for the rest of this year we should see stability between $70 and the high 70s (dollars a barrel), or low 70s to high 70s,” Mohammed bin Hamad Al Rumhy, said.

“Because this is the wish of all of us who are cooperating with OPEC to provide the market with enough crude to make sure that the consumers are not impacted and we think that the current price is a fair price,” he told CNBC’s Hadley Gamble in Muscat, Oman.

He said current oil prices, around the $70-$80 mark per barrel, “will enable us to sustain our investment, and continue the business that will give us a guarantee of some form that the future is brighter than when the price was in the $30s and $40s a few years ago.”

Asked whether he agreed with analyst expectations that oil prices could rise to $90 a barrel, he answered, “I don’t think so.”

Oman is the largest non-OPEC producer in the Middle East and it was severely affected by the oil price slump that took hold in 2015. It signed up to a late-2016 deal between OPEC and non-OPEC producers, notably Russia, to curb oil output in a bid to support prices.

The agreement continues and has worked to stabilize markets, with prices currently around the mid-$70 mark, although the U.S. has criticized increasing prices. Prices have also come under pressure from the U.S.’s decision to re-impose sanctions on major OPEC oil producer Iran — which will stifle its oil industry and curb its supply, potentially causing prices to rise higher.

However, consumer inflation picked up from the previous month, largely due to a rise in non-food prices, official data showed on Thursday. Analysts polled by Reuters had expected July producer inflation would edge down to 4.4 percent. Economists expect the proposed tariffs by China and the yuan’s recent decline could push up import prices, which could in turn drive producer price inflation. The core consumer price index, which strips out volatile food and energy prices, rose 1.9 percent in July,

China’s factory price inflation cooled in July but not as much as expected, amid a wider slowdown in economic growth as Beijing remains locked in a heated trade dispute with Washington.

However, consumer inflation picked up from the previous month, largely due to a rise in non-food prices, official data showed on Thursday.

The July inflation data is the first official reading on the impact on prices from China’s retaliatory tariffs on $34 billion of U.S. goods that went into effect on July 6 and apply to a range of products from soybeans, to mixed nuts and whiskey.

While policymakers are watching price pressures, the central bank is likely to give priortity to policies that help shore up the slowing economy.

The producer price index (PPI) — a gauge of factory gate inflation — rose 4.6 percent in July from a year earlier, compared with an acceleration to 4.7 percent in June, according to the National Bureau of Statistics.

On a month-on-month basis, the PPI rose 0.1 percent in July, compared with a 0.3 percent growth in June.

Analysts polled by Reuters had expected July producer inflation would edge down to 4.4 percent.

Raw material prices jumped 9.0 percent in July from a year earlier, compared with an 8.8 percent increase in June.

Official data on Wednesday showed China’s July import growth accelerated to its fastest since January, although the outlook for inbound shipments is clouded by the yuan’s sharp drop in recent months.

While the tit-for-tat tariffs between China and the U.S. have fuelled worries about the inflation outlook, many analysts believe the impact on consumer prices will be limited.

The Trump administration tightened pressure for trade concessions from Beijing last week by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports. China in turn retaliated by proposing tariffs on $60 billion worth of U.S. goods, ranging from liquefied natural gas (LNG), iron ore and steel to aircraft.

Economists expect the proposed tariffs by China and the yuan’s recent decline could push up import prices, which could in turn drive producer price inflation.

“Inflation is unlikely to become much of concern for policymakers,” Capital Economics wrote in a note this week.

The consumer price index (CPI) rose 2.1 percent from a year earlier, beating expectations of 1.9 percent which was unchanged from June’s growth, but still within the government’s comfort zone of 3 percent.

U.S. government debt yields held at session lows Thursday after the U.S. government reported that producer prices rose less than expected in July, one possible sign of anemic inflation in the economy. The yield on the benchmark 10-year Treasury note was 3 basis points lower at around 2.939 percent at 9:28 a.m. ET, while the yield on the 30-year Treasury bond was also lower at 3.095 percent. The U.S. Labor Department said Thursday that its U.S. producer price index was unchanged in July, falling

U.S. government debt yields held at session lows Thursday after the U.S. government reported that producer prices rose less than expected in July, one possible sign of anemic inflation in the economy.

The yield on the benchmark 10-year Treasury note was 3 basis points lower at around 2.939 percent at 9:28 a.m. ET, while the yield on the 30-year Treasury bond was also lower at 3.095 percent. Bond yields move inversely to prices.

The U.S. Labor Department said Thursday that its U.S. producer price index was unchanged in July, falling short of a 0.2 percent increase expected by economists polled by Reuters. The producer price index minus volatile food, energy and trade components, rose 0.3 percent after a similar gain in June.

In the 12 months through July, the core PPI increased 2.8 percent after rising 2.7 percent in June. The lackluster reading comes as the economy reaches full employment and strong growth; individual reads on inflation are expected to rise as the Trump administration’s tariffs on lumber, steel, aluminum and Chinese goods start to influence price pressures.

A key gauge of underlying producer price pressures that excludes food, energy and trade services rose 0.3 percent last month. The Federal Reserve’s preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, increased 1.9 percent in June. The PCE price index hit the U.S. central bank’s 2 percent inflation target in March for the first time since December 2011. Goods prices were lifted by a 0.7 percent increase in the cost of pharmaceutical prep

A key gauge of underlying producer price pressures that excludes food, energy and trade services rose 0.3 percent last month. The so-called core PPI rose by the same margin in June.

In the 12 months through July, the core PPI increased 2.8 percent after rising 2.7 percent in June.

Last month’s weak PPI reading is likely temporary against the backdrop of a strong labor market and robust economy. The Trump administration’s import tariffs on lumber, steel and aluminum, as well as a range of Chinese goods, are also expected to boost price pressures.

The Federal Reserve’s preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, increased 1.9 percent in June. The PCE price index hit the U.S. central bank’s 2 percent inflation target in March for the first time since December 2011.

In July, prices for goods edged up 0.1 percent after a similar gain in June. Goods prices were lifted by a 0.7 percent increase in the cost of pharmaceutical preparations. There were also increases in the prices of motor vehicles and liquefied petroleum gas, but the cost of electricity fell 1.6 percent.

There were also decreases in the prices of meat, oilseeds and nonferrous scrap.

The cost of services dipped 0.1 percent, the biggest drop in seven months, after increasing 0.4 percent in June. A 12.7 percent drop in the index for fuels and lubricants retailing led the decline in the cost of services last month.

The cost of healthcare services edged up 0.1 percent as a 0.4 percent drop in prices for hospital outpatient care was offset by increases in hospital inpatient care. Healthcare prices gained 0.2 percent in June.